The round, which was led by Black Coral Capital, includes an initial $3m in April of this year and an additional $2.5m investment that closed in late November. Backers also include three existing institutional investors.

The company intends to use the capital to support work with partners in North America and Europe to integrate its product, Spara EMS®, into the industrial automation, utility, and smart grid infrastructure, to complete a cloud platform launching in 2013, as well as to expand its reach in the European market.

Led by Kevin Klustner, CEO, Powerit provides Spara EMS® that links industrial facilities with the smart grid so customers can control energy use for savings and sustainability.
The company, which now manages an estimated 571 megawatts of electrical load in North America, will unveil a new cloud platform early next year, SparaHub™. It will provide real-time pricing and demand response event data for each user’s market, give users integration with utility programs and enable them to benchmark their performance against their industry, as well as allow partners to integrate Spara into their solutions.